Stocks Radar: Arvind Fashions, HDFC Bank, Lupin, Westlife Development
Indian equity benchmarks extended gains for the fourth consecutive trading session, following the gains in most of their Asian peers.
The S&P BSE Sensex rose as much as 0.4 percent to 37,904.08 and the NSE Nifty rose as much as 0.36 percent to 11,382.55.
The market breadth was tilted in favour of buyers. About 906 stocks advanced and 539 shares declined on National Stock Exchange.
Ten out of 11 sectoral gauges compiled by NSE advanced, led by the NSE Nifty Media Index’s 1.1 percent gain. On the flipside, the NSE Nifty FMCG Index was the top sectoral loser, down 0.07 percent.
Here Are The Stocks Moving The Market This Morning
HDFC Bank Extends Record Run
Shares of HDFC Bank extended gains for the sixth consecutive trading session, its longest gaining streak since September 2017. The stock rose as much as 0.94 percent to hit an all-time high at Rs 2,247.
Trading volume was more than double its 20-day average, Bloomberg data showed. The Relative Strength Index was above 70, indicating that the stock may be overbought.
Jubilant FoodWorks Gains On Promoter’s Stake Sale Plans
Shares of the Domino’s Pizza operator in India halted a two-day fall and rose as much as 3.3 percent to Rs 1,369.
The company’s promoter Jubilant Consumer Private Ltd. plans to sell 40 lakh shares at a floor price of Rs 1,272.6 apiece, aggregating to Rs 503.8 crore via secondary placement of shares. The floor price is at a discount of 4 percent compared with its current market price.
Trading volume was more than nine times its 20-day average, according to Bloomberg data. The stock traded at 56 times its estimated earnings per share for the coming year.
Lupin Erases Opening Gains As Regulatory Concerns Prevail
Shares of Lupin erased its opening gains and fell as much as 1 percent to Rs 755.50.
The U.S. FDA classified inspection of Lupin’s Mandideep facility as Official Action Indicated. The regulatory authority stated that the pharma company will be subjected to regulatory action and it may withhold approval of any pending applications in which the facility is listed. The company said this classification by the U.S. FDA will not have any disruption of supplies or existing revenues from the facility.
Trading volume was 7.8 times its 30-day average, Bloomberg data showed. The shares fell nearly 3 percent in the past five trading sessions and declined 5 percent in the past 30 days.
Arvind Fashions Locked In Upper Circuit For Fourth Day
Shares of Arvind Fashions were locked in the upper circuit of 5 percent for the fourth consecutive trading session. The stock has gained nearly 22 percent since its listing last week.
Westlife Development Jumps The Most In Four Months
Shares of the McDonald’s chain operator in west and south India extended gains for the fifth consecutive trading session, its longest gaining streak since December.
The stock rose as much as 8.2 percent, the most since Nov. 14, 2018, to Rs 443 on Bombay Stock Exchange.
The relative strength index was above 70, indicating that the stock may be overbought, Bloomberg data showed.